Niveshaay Invests 325 Cr in Waaree Energy Storage systems With Co-Investors

Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) management firm, has led a Rs. 325 Cr funding round in Waaree Energy Storage Systems Private Limited (WESSPL). The firm, which operates Category II and Category III funds and made the recent investment in the Waaree Group battery arm, as part of the company’s total ₹1,000 crore fundraise.

Through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched Niveshaay WESS Fund — dedicated Collective Investment Vehicles (CIVs) — Niveshaay has cumulatively invested ₹128 crore.

Other co-investors in the round include Vivek Jain (Managing Director, Action Tesa and GrowthSphere) and Saket Agarwal (former Director, Apollo Pipes Ltd. and Apollo Tricoat), etc. 

India’s storage market is growing with policy support through viability-gap funding for grid-scale storage, the Production Linked Incentive (PLI) scheme for advanced cells, and the Energy Storage Obligation (ESO). Waaree Energy Storage Systems will use the latest funding to expand its cell and pack manufacturing, strengthen engineering and validation, and scale containerised Battery Energy Storage Systems (BESS) across India and select global markets.

Previous Investments And Acquisitions

In a bid to expand its investments in the battery energy storage segment, investment management firm ValueQuest Tristar Fund invested Rs 125 crore in Waaree Energy Storage Solutions Pvt. Ltd. (WESSPL) in October this year.

The earlier investment in Waaree Energies Ltd.’s battery storage arm, made through a private round, will support the manufacturing of lithium-ion and/or sodium-ion cells and packs, as well as battery energy storage solutions.

Similarly, in September, Waaree Energies invested ₹300 crore in its subsidiary, Waaree Energy Storage Solutions (WESSPL), to set up a Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant. The company plans to use the proceeds from the funding to establish the 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant. 

Leadership View 

Commenting on the announcement, Arvind Kothari, Founder at Niveshaay, said, “Battery storage will play a key role in India’s clean energy growth. We are glad to lead this round and work with Waaree as they expand a domestic storage platform with scale and technology depth. Waaree’s existing solar manufacturing and EPC capabilities create strong alignment for battery integration. For Niveshaay, this investment represents a continued focus on the energy transition opportunity in India.”

The global energy transition is shifting focus from generation capacity to reliability, flexibility, and storage. Falling lithium-ion costs and supportive policy frameworks have made storage economically viable for utilities and commercial users alike. Worldwide, storage is the defining theme of the decade; India’s trajectory now mirrors that of the U.S. and Europe, where multi-hour battery systems underpin renewable integration, grid stability, and peak demand management.

Niveshaay’s role in this round positions it early in a structural transformation—backing a platform with proven manufacturing expertise. Waaree’s vertically integrated model enables it to capture value across the manufacturing, integration, and long-term service layers.